[152 Pages Report] MarketsandMarkets estimates the North America IT services market to grow from USD 175.2 Billion in 2016 to USD 261.5 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.3% from 2016 to 2021.

Objectives of the study:

The main objective of this report is to define, describe, and forecast the North America IT services market on the basis of segments that include types, deployment types, organization size, business functions, and verticals. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report attempts to forecast the market size with respect to the North American region. The report also provides the North America IT services market in the U.S. and Canada. The report strategically profiles key players and comprehensively analyzes their core competencies. This report also tracks and analyzes the competitive developments, such as mergers & acquisitions, new product developments, and Research & Development (R&D) activities in the market.

The research methodology used to estimate and forecast the North America IT services market begins with the collection and analysis of data on key vendor product offerings and business strategies through secondary research, such as press releases; investor presentations of companies; white papers from World Economic Forum; technology journals; associations (Technology Services Industry Association); and articles from recognized authors, directories, and databases. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the North America IT services market from the revenue of the key service providers in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary is depicted in the figure given below:

The breakdown of profiles of primary is depicted in the figure given below:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

Product matrix that gives a detailed comparison of product portfolio of each company

Company Information

Detailed analysis and profiling of additional market players

The North America IT services market is expected to grow from USD 175.2 Billion in 2016 to USD 261.5 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period. Several factors such as rising investments in the IT infrastructure, demands for efficient management of IT services, and increasing adoption of IT services in Small and Medium-sized Enterprises (SMEs) have bolstered the growth of IT services systems. Verticals such as government & defense; consumer goods & retail; healthcare; Banking, Financial Services, and Insurance (BFSI); and communication & technology have been the major contributors to the market.

The North America IT services market is segmented by type, deployment type, organization size, business function, and vertical. The managed IT services is likely to observe high demand during the forecast period, considering the enterprises’ preference to outsource the entire IT services in order to optimize and streamline their workflow.

The cloud deployment type is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the increasing digital data and concerns over storage, thus aiding the fast adoption of cloud services. The cloud services segment has further benefited enterprises and Small and Medium-sized Businesses (SMBs) to eliminate the cost of on-premises infrastructure by providing on-demand virtual IT resources and services.

The IT services segment has been predominantly adopted by large enterprises to devise their IT strategy or manage their entire IT infrastructure. Due to the complexities and continuous upgradation to latest IT solutions, large enterprises are more inclined to adopt IT services. SMBs held a lower share in the North America IT services market. However, SMBs are expected to witness fast growth during the forecast period. This can primarily be attributed to the cloud services segment that has reduced the infrastructure costs associated with on-premises deployment.

The IT services segment is being increasingly adopted by different verticals, such as government & defense, healthcare, consumer goods & retail, BFSI, and communication & technology, which has led to the growth of the market across the globe. The healthcare sector is expected to grow at the highest CAGR in the North America IT services market among the different industry verticals, owing to its adoption of analytics tools and cloud services during the forecast period.

North America has been at the forefront of the IT services adoption due to the high concentration of enterprises in the region coupled with the high Information and Communications Technology (ICT) spending by enterprises. Enterprises in this region view IT services as a source of competitive advantage where the enterprises spend heavily in these services to stay ahead of the competition, as these services enable enterprises in a quicker decision-making process.

However, concern over the privacy and security to deploy company’s vital data over cloud services has been a major factor to hinder the cloud services sector. The top players, which include IBM Corporation, HP Enterprise, Accenture PLC, Wipro, Tata Consultancy Services, Cognizant Technology Solutions Corp., Nokia Networks, and Ericsson have been emphasizing on developing differentiating and innovating IT services. These players have adopted various growth strategies, such as new product launches; partnerships, contracts, collaborations, and acquisitions; and expansions to expand their product/service offerings and market share in the IT services space.

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